Cost of Goods Sold 3. Beginning inventory, purchases, and sales of a commodity are presented below:...

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Cost of Goods Sold 3. Beginning inventory, purchases, and sales of a commodity are presented below: Inventory: July 1 15 units at $55 Sold Purchased Sold July 6 10 units at $57 July 9 30 units at $60 July 12 30 units at $58 Purchased Sold July 18 50 units at $65 July 22 40 units at $59 Assuming that the perpetual inventory system is used, determine the Total Cost of the Goods Sold and the Total Cost of the Ending Inventory using a) FIFO b) LIFO c) Weighted Average, d) Specific Identification that show cost of goods sold consists of 10 units from July 1 inventory, 25 units from July 9 inventory and 45 units from July 18 inventory. Cost of Goods Sold Unit Cost Total Inventory Unit Total Cost Quantity Cost Cost FIFO Purchases Unit Date Quantity Cost Total Cost Quantity Balances Cost Total 4. Beginning inventory and purchases are presented below: November 1 Beginning inventory November 6 purchase November 14 purchase November 24 purchase 10 units at $61 40 units at $62 35 units at $65 15 units at $63 Assuming the periodic inventory system, on November 30th there are 23 items left in inventory. Determine the Total Cost of the Goods Sold and the Total Cost of the Ending Inventory using a) FIFO b) LIFO c) Weighted Average, d) Specific Identification that show cost of goods sold consists of 7 units from Nov 1 inventory, 35 units from Nov 6 inventory, 30 units from the Nov 14 and 5 units from Nov 24 inventory. 6. On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden on accounting. (a) Journalize this event. (b) On April 11th, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00 and $9.75 in cash. Journalize the replenishment of the fund. (c) On April 12th, Snappy Sales decides to increase petty cash to $175.00. Journalize this event. Date Description Post Ref Debit Credit 7. At the end of the current year, Accounts Receivable has a balance of $700,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and net sales for the year total $3,500,000. Bad debt expense is estimated at 1/2 of 1% of net sales. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense; and (c) the net realizable value of accounts receivable. NRV=AR-ADA Date Accounts Receivable Allow for Doubtful Accts Bad Debt Expense Description Post Ref Debit Credit 8. The aging of Torme Designs shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible. The Allowance for Doubtful Accounts carries a credit balance of $1,135.00. Write the adjusting entry for the end of the current year. Age Interval: Est Uncollectible Accts Balance: Percentage: Not past due 850,000 3.50% 1~30 days past due: 47,500 5.00% 31-60 days past due: 21,750 10.00% 61-90 days past due: 11,250 20.00% 91-180 days past due: 5,065 30.00% 181-365 days past due: 2,500 50.00% Over 365 days past due: 1,145 95.00% Total: 939,210 Amount: Date Description Post Ref Debit Credit Allow for Doubtful Accts A 9. At the end of the current year, Accounts Receivable has a balance of $2,100,000; Allowance for Doubtful Accounts has a credit balance of $2,500; and net sales for the year total $3,500,000. Bad debt expense is estimated at 1/2 of 1% of accounts receivables. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense; and (c) the net realizable value of accounts receivable. Post Date Description Ref Debit Credit Bad Debt Expense 10,500 Allowance for Doubtful 10,500 Accounts Accounts Receivable Allow for Doubtful Accts Bad Debt Expense Accounts Receivable = 2,100,000 x 0.01 = X 0.5 X 21,000 = 10.500. Cost of Goods Sold 3. Beginning inventory, purchases, and sales of a commodity are presented below: Inventory: July 1 15 units at $55 Sold Purchased Sold July 6 10 units at $57 July 9 30 units at $60 July 12 30 units at $58 Purchased Sold July 18 50 units at $65 July 22 40 units at $59 Assuming that the perpetual inventory system is used, determine the Total Cost of the Goods Sold and the Total Cost of the Ending Inventory using a) FIFO b) LIFO c) Weighted Average, d) Specific Identification that show cost of goods sold consists of 10 units from July 1 inventory, 25 units from July 9 inventory and 45 units from July 18 inventory. Cost of Goods Sold Unit Cost Total Inventory Unit Total Cost Quantity Cost Cost FIFO Purchases Unit Date Quantity Cost Total Cost Quantity Balances Cost Total 4. Beginning inventory and purchases are presented below: November 1 Beginning inventory November 6 purchase November 14 purchase November 24 purchase 10 units at $61 40 units at $62 35 units at $65 15 units at $63 Assuming the periodic inventory system, on November 30th there are 23 items left in inventory. Determine the Total Cost of the Goods Sold and the Total Cost of the Ending Inventory using a) FIFO b) LIFO c) Weighted Average, d) Specific Identification that show cost of goods sold consists of 7 units from Nov 1 inventory, 35 units from Nov 6 inventory, 30 units from the Nov 14 and 5 units from Nov 24 inventory. 6. On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden on accounting. (a) Journalize this event. (b) On April 11th, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00 and $9.75 in cash. Journalize the replenishment of the fund. (c) On April 12th, Snappy Sales decides to increase petty cash to $175.00. Journalize this event. Date Description Post Ref Debit Credit 7. At the end of the current year, Accounts Receivable has a balance of $700,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and net sales for the year total $3,500,000. Bad debt expense is estimated at 1/2 of 1% of net sales. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense; and (c) the net realizable value of accounts receivable. NRV=AR-ADA Date Accounts Receivable Allow for Doubtful Accts Bad Debt Expense Description Post Ref Debit Credit 8. The aging of Torme Designs shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible. The Allowance for Doubtful Accounts carries a credit balance of $1,135.00. Write the adjusting entry for the end of the current year. Age Interval: Est Uncollectible Accts Balance: Percentage: Not past due 850,000 3.50% 1~30 days past due: 47,500 5.00% 31-60 days past due: 21,750 10.00% 61-90 days past due: 11,250 20.00% 91-180 days past due: 5,065 30.00% 181-365 days past due: 2,500 50.00% Over 365 days past due: 1,145 95.00% Total: 939,210 Amount: Date Description Post Ref Debit Credit Allow for Doubtful Accts A 9. At the end of the current year, Accounts Receivable has a balance of $2,100,000; Allowance for Doubtful Accounts has a credit balance of $2,500; and net sales for the year total $3,500,000. Bad debt expense is estimated at 1/2 of 1% of accounts receivables. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense; and (c) the net realizable value of accounts receivable. Post Date Description Ref Debit Credit Bad Debt Expense 10,500 Allowance for Doubtful 10,500 Accounts Accounts Receivable Allow for Doubtful Accts Bad Debt Expense Accounts Receivable = 2,100,000 x 0.01 = X 0.5 X 21,000 = 10.500.